On Thursday, local time, Tesla’s stock price continued to rise sharply by nearly 4%, hitting a record high. Its stock price further widened the distance between its competitors in the traditional auto industry.
On Thursday, local time on the Nasdaq Stock Exchange in the United States, Tesla’s stock price rose by $85.58 to close at $2,238.75, an increase of 3.97%. After-hours trading that day ended at 6:50 p.m. local time, the company’s stock price rose another US$3.25, to US$2242.00 per share, an increase of 0.15%.
According to the closing price of the day, Tesla’s market value has reached 417.218 billion US dollars . Tesla went public in 2010, when the public offering price was $17 per share. Since the beginning of this year, Tesla’s stock price has risen by more than 420%, which has made many retail investors who invest in the company’s stock become millionaires.
In order to accelerate the transition to the new energy vehicle business, many other automakers have invested billions of dollars to transform their traditional auto business, and are launching electric vehicle products like Tesla. However, investors recognize Tesla’s leading development prospects. In fact, the company has transformed from a niche auto manufacturer to a global leader in clean energy vehicles.
As Tesla’s stock price has soared, on July 1, Tesla’s market value has surpassed Toyota Motors Corp of Japan, becoming the world’s most valuable automaker . As of now, Tesla accounts for 41% of the total market value of the 12 largest automakers in the world.
In many countries around the world, the automobile industry is an important growth engine for the local economy. However, the number of cars produced by Tesla accounts for only a small part of the total global car production.
In fiscal year 2019, the car sales of Toyota Motor Japan and Volkswagen AG were 10.46 million and 11 million, respectively. In comparison, Tesla delivered only 367,200 cars in 2019. Tesla has said that by the end of 2020, the company’s car deliveries will reach at least 500,000 vehicles. But despite this, Tesla’s vehicle deliveries are still less than 5% of the annual sales of Toyota Motor Japan and Volkswagen Germany.
This year, Tesla has withstood the negative impact of the new crown virus pandemic on the global automotive industry. In July, the company’s financial report announced that it achieved profitability in the second quarter. These laid the foundation for the company’s possible inclusion in the S&P 500 index.
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